What Happened: O'Leary claimed in his keynote speech at the Bitcoin 2022 conference in Miami, "Bitcoin mining is going to save the planet."
The proof-of-work consensus technique used by Bitcoin necessitates a substantial amount of energy for transaction validation. Environmentalists have raised concerns about the mining process's energy consumption.Last year, Tesla Inc (NASDAQ: TSLA) halted Bitcoin vehicle purchases due to the cryptocurrency's environmental impact.
More regulation, according to O'Leary, will put a larger premium on mining operations that use sustainable energy. After that, he predicts that mining green Bitcoin will become "one of the most lucrative prospects."
Why It Matters: The investor's opinion on the topic appears to have shifted in recent weeks. O'Leary said last month that he sold all of his Bitcoin mining assets because he thought President Biden's executive order on cryptocurrency would be a "massive landmine" for Bitcoin miners.He sold all of his Marathon Digital Holdings Inc (NASDAQ: MARA), HIVE Blockchain Technologies Ltd (NASDAQ: HIVE), and Riot Blockchain Inc (NASDAQ: RIOT) shares, according to reports.
Bitcoin is currently trading at $42,200, down 1.12% in the previous 24 hours, according to data from Benzinga Pro.
O'Leary will speak about another of his passions, psychedelics, at a Benzinga event coming up soon. Learn more about the Benzinga Psychedelics Capital Conference, which will be held on April 19th.
[zombify_post]
0 Comments